Mubarak meets Mayor of London on British investments
Egypt-UK, Economics, 10/15/2001

The Egyptian President Hosni Mubarak on Sunday met Mayor of London David Howard, who arrived in Cairo on a four-day visit.

The meeting was attended by the UK Ambassador to Cairo John Sawers and the special adviser to Board Chairman of the Arab British Commercial Bank.

Howard said Sunday that the British businessmen were keen to invest in Egypt.

Howard, who had talks with President Hosni Mubarak Sunday took up in detail the recent political developments in the region along with the Palestinian issue especially after the September 11 attacks on Washington and New York.

Howard added that he briefed the President with the British businessmen's keenness on investment in Egypt in a bid to give a boost to the Egyptian economy.

Howard has sounded optimistic about the growth of the Egyptian Stock Exchange, saying that its strength would provide a major impetus for Egyptian-British investment cooperation.

Howard told Egyptian TV that much of the Egyptian wealth had yet to be utilized.

He added that his accompanying businessmen were in Egypt to tour a number of companies and explore avenues for cooperation.

Howard, who conferred with President Hosni Mubarak on Sunday, cited detrimental impact of the September 11 attacks in the US on world stock exchanges.

He singled out the air transport and travel industries as the ones hit hard by the aftermath. However, he was upbeat over the growth of the industrial sector and oil, and predicted that oil prices would go up.

Howard described Egypt as a promising market and an investment attraction in the Middle East.

In an address following his opening Sunday of the trading session of the Cairo Stock Exchange, he cited incentives offered by Egypt to lure foreign investment.

Referring to prevalent stability and other favorable conditions in Egypt, Howard urged the British business community to pump more investment into the country.

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